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Bekaert enjoys Q1 organic growth, falls victim to currency effects

Steel cord manufacturer Bekaert reports organic sales growth in the first quarter of 2013, however the influence of changing exchange rates ensured this positive trend was more than cancelled out. In the first quarter of 2014, Bekaert achieved consolidated sales of €782 million and combined sales of €990 million, respective decreases of 2.1 per cent and 4.4 per cent compared with the first quarter of 2013. On a constant currency basis, Bekaert’s consolidated revenues increased 4.2 per cent and combined sales rose 4.9 per cent.

16th May 2014/by Tyrepress Editors

Bekaert takes on Pirelli steel cord business for €255 million

Pirelli & C. SpA has signed an agreement with Bekaert to sell 100 per cent of its steel cord activities to the Belgium-based steel wire company for an enterprise value of €255 million. At the same time, the two firms have entered into a long-term agreement for Bekaert to supply Pirelli with tyre cord. The deal is subject to regulatory approval and is expected to close in the second half of the year.

28th February 2014/by Tyrepress Editors

Bekaert wins EIPM Excellence award

The European Institute of Purchasing Management (EIPM) has granted the 2013 EIPM Peter Kraljic Excellence Award for ‘Value Creation – Extended Enterprise’ to steel cord manufacturer Bekaert during the 2013 annual EIPM Purchasing Conference in Geneva, Switzerland.

20th December 2013/by Tyrepress Editors

Bekaert in talks to buy Pirelli steel cord business, says paper

According to an article published in Italian newspaper La Repubblica today, Pirelli intends to divest its ‘Steelcord’ business and has attached a €250 million price tag to it. The publication says Pirelli is now in the final stages of negotiations with Bekaert regarding a potential sale.

13th December 2013/by Tyrepress Editors

Bekaert unveils succession plan

Steek cord supplier Bekaert has revealed details of its succession plans for boths its chairman and CEO. Baron Buysse, chairman of the board of directors of Bekaert, will retire in May 2014 after 14 years in the chair of the company’s board.
Bert De Graeve, CEO of Bekaert since 2006, will become chairman of the board in succession of Baron Buysse as of May 2014.

27th August 2013/12,345 Comments/by Tyrepress Editors

Bekaert Opens Asia R&D Centre

On April 20 Bekaert open its first research and development centre outside of Belgium. The Asia Research and Development Center in China’s Jiangsu Province is intended to strengthen the company’s “commitment to develop and supply innovative products to Asian customers while enhancing its technological leadership in the region.”

21st April 2010/by Tyrepress Editors

Bekaert Completes Acquisition of Bridgestone Tyre Cord Plants

On March 31 Bridgestone and Bekaert signed a Closing Memorandum confirming Bekaert’s acquisition of Bridgestone’s Bridgestone Metalpha Italia S.p.A., based in Sardinia, and Guangdong Province based Bridgestone (Huizhou) Steel Cord Co., LTD. steel cord manufacturing subsidiaries, a transaction first announced on February 1. According to Bekaert, its integration of the two plants and the long-term supply agreement arranged with Bridgestone come into effect immediately.

7th April 2010/by Tyrepress Editors

Bekaert Opens India Technical Centre

On March 24 Bekaert held an opening ceremony for its new technical centre in India. Located near Pune in the state of Maharashtra, the centre is intended to provide the company’s customers in India with enhanced technical services in the form of product quality testing, technical assessments and related dedicated assistance.

30th March 2010/by Tyrepress Editors

Bekaert’s De Graeve Elected Belgium’s ‘Manager of the Year’

Belgium’s Bekaert reports with pride that its CEO, Bert De Graeve, has been voted the country’s Manager of the Year by a jury panel made up of industry and academic specialists. Commenting on the jury’s report, the steel cord manufacturer notes that De Graeve is “praised for his strong leadership skills with which he guided Bekaert through a crisis year and his pro-active management and entrepreneurship which added to the company’s resilience.” Other qualities specifically singled out, Bekaert adds, were De Graeve’s “future-oriented approach focusing on innovation and internationalisation, the sustainability demonstrated in his work and the societal role he takes up in his function as CEO.”

8th January 2010/by Tyrepress Editors

Goodyear to Sell Luxembourg Steel Cord Plant

Goodyear has openly stated its desire to sell the company’s Luxembourg steel cord factory. As it disclosed to the “Luxemburger Wort” newspaper, talks with “four potential buyers” are underway, including with Belgium’s Bekaert, global top supplier of steel cord. The newspaper adds that the wire plant’s sale could be interpreted to be part of “Goodyear’s new management policy, one it wants in future to focus as far as possible concentrate upon the core business of tyre production, a change in strategy that Goodyear’s employees were recently informed about through an internal notice.” A company spokesperson told the newspaper that no contracts have been made and no offer as yet given. A buyer has also not yet been selected.

16th October 2009/by Tyrepress Editors

Bekaert Closes US Bead Wire Plant

The tyre manufacturing downturn in North America has claimed another victim. Bekaert has announced the closure of its Clarksdale, Mississippi bead wire plant. According to plant manager Gary Downey, the quantity tyre imports entering the US, and their affect on North American tyre production, has played a role in the decision to close the plant and eliminate 76 jobs. Production from Clarksdale will be integrated into Bekaert's Rome, Georgia, and Shelbyville, Kentucky facilities in the coming months.

18th August 2009/by Tyrepress Editors

Wennemer Set to Become Opel Advisor

Former Continental AG CEO, Manfred Wennemer, is set to represent Berlin on an advisory board overseeing the trust that administers Opel, according to a Reuters report. Wennemer, who led Continental’s rearguard action against Schaeffler Group’s July 2008 hostile takeover, stepped down last August after seven years with the company when the automotive supplier managed to overcome Conti’s defences. He was subsequently nominated to join the board of steel wire manufacturer Bekaert in March 2009. According to Reuters, the trust holds 65 per cent of Opel shares and is charged with ensuring that 1.5 billion euros ($2.1 billion) in bridge financing offered by Berlin and the four German states with Opel plants is not misappropriated.

16th June 2009/by Tyrepress Editors

Ansteel-Bekaert JV Steel Cord Plant Opens

Last May Belgium’s Bekaert and Chinese steel producer Ansteel established a strategic partnership, and several months later set up a 50/50 joint venture called Bekaert Ansteel Tire Cord (Chongqing) Co., Ltd. Almost a year after the partnership was first announced, the companies have celebrated the official opening of their 150 million euro joint steel cord production plant in Chongqing, China.

The new facility is intended to meet rising local tyre industry demand for steel cord, and at present 130 people are employed at the site. This number, says Ansteel and Bekaert, will grow in line with market demand and the realisation of further investment phases.

8th April 2009/by Tyrepress Editors

Bekaert Sales Top 4 billion Euros in 2008

Bekaert, supplier of steel cord to the tyre industry, has reported consolidated 2008 sales of 2.66 billion euros and combined sales of 4.01 billion euros, and increase of 22.5 per cent and 17.3 per cent respectively. Growth in consolidated sales stemmed 17.7 per cent from organic growth, largely driven by passed on raw material price increases, and 5.8 per cent from the company’s acquisitions in Vicson (Venezuela) and in Proalco (Colombia). Fluctuations in several exchange rates largely compensated each other with a net negative impact of 1.0 per cent. Even in the fourth quarter of 2008, the economic downturn notwithstanding and compared with a strong last quarter of 2007, Bekaert posted consolidated growth of 5 per cent.

23rd February 2009/by Tyrepress Editors

Bekaert to Build Second Steel Cord Factory in Slovakia

Bekaert is said to be gearing up to build a second steel cord manufacturing facility in Slovakia. The plant will most likely be located in the vicinity of the existing facility, in the industrial zone outside Sladkovicovo, in the country’s southwest. According to reports, the 15 million euro project will get underway in 2009.

27th November 2008/by Tyrepress Editors